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FTX Payouts Top 143% in Cash but Cover a Fraction of Lost Crypto

Creditors face steep shortfalls in token terms because claims were valued at 2022 prices under U.S. bankruptcy rules.

Overview

  • New analyses estimate the dollar repayments equal roughly 9%–46% of original holdings in crypto terms, including about 22% for Bitcoin, 46% for Ethereum and 12% for Solana.
  • The FTX estate cites an overall 143% fiat recovery, but Bitcoin’s jump from roughly $16,871 at filing to above $110,000 magnifies the gap between cash payouts and current token values.
  • The Recovery Trust has executed phased distributions, sending about $1.2 billion in February to smaller claimants and $5 billion in May to larger groups.
  • Distribution rates vary by claim type, with reported figures including roughly 72% for Dotcom customers, 54% for U.S. customers, 120% for Convenience Claims and an expected 61% for General Unsecured and Digital Asset Loan claims via Kraken and BitGo.
  • Sam Bankman-Fried is scheduled to argue his Second Circuit appeal on November 4 to challenge his conviction, as some projects such as Paradex float separate airdrop plans that remain uncertain in scale or timing.